Notification Report - Revelation

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Revelation Training Manual5Custom Module1.2.1 VAT Summery ReportAlthough the old VAT Summery Report has been one of the best on the market, the time has cometo improve the trusty Report. Revelation now offers a “BOX” Report that will assist the user incompleting the VAT 201 form that is even simpler to use than before.One of the techniques that modern auditors use, is to telly up the totals in the Income section of theTB and then to compare this with the VAT Report. In order to accommodate Auditors that use thismethod, we now add the TB Income totals at the bottom of the New Vat Summery Report. This canthen be compared to the Capital Amount OUTPUT Vat. In theory, the two should always balance. Tomake sure this balancing act takes place, from now on VAT will no longer be calculated by “theprocess” (like Invoicing) to determine if it is falls into the Input or Output VAT accounts but rather bythe GL or Nominal account number group it belongs to.From now on, all Income accounts (10001 to 19999) will automatically be processed against theOUTPUT VAT system, no matter the process, and All the Expense (20001 – 29999), Assets(30001 –39999) and Liability (40001 – 49999) Accounts, will be processed against the INPUT VAT system. Inthis way, it does not matter if you do an Invoice into the Expense, Assets or Liability Accounts or aGRN into the Income Accounts, the TB to VAT report will always balance.The ONLY reason that they will not balance would be in the event of NON VAT transactions into theIncome Ledgers (like Late Interest charged). If the TB and Output VAT totals do not balance for thisreason, we have now introduced Exception Report to track these totals down. (See point 1.2.2.below).One other improvement on the new Summery report is the VAT Control account total that is nowdisplayed at the very bottom of the report. If you have moved over to a new month without doing amonth-end (hanging over), the VAT Control amount is then simulated. We highly recommend thatyou make sure that the VAT Control Account and the Reports Balance. IF not, a Journal should bewww.revelation.co.za Revelation Accounting Software
Revelation Training Manual6Custom Modulepassed into a holding account such as VAT Arrears (or something to that effect). Please consult yourAuditors on this matter.Tip: For the users that hate change, we have however decided to leave the old Summery andTransaction reports in place.1.2.1.1 VAT Exception ReportsTo make life easier, we have now developed an elaborate Exceptions Report engine that will allowyou to look for VAT anomalies. If the TB turnover and the Output VAT does not equal, you may printany of the exception report that have been added. These will include looking for Income accountsthat did not attract VAT (such as Interest charged on overdue Debtor’s accounts).Here is a list of all the Exception report options:Other Exception reports availible are:1.2.1.2 Vat entries where the Code is not the same as the GL AccountEach GL account has a standard VAT code attached to it (when the account was created or edited). AReport can now be printed were the actual transaction vat was changed by the user during a VATposting.www.revelation.co.za Revelation Accounting Software
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Notification Report - Revelation

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